North Carolina Down Payment Assistance Systems
Online Payments - These programs would be the Mortgage Credit Certificate and the deposit Assistance System.
Should you meet the requirements for one of the programs and also you buy a property and December 1, 2009, it is also possible to qualify for the $8,000 tax credit merely enacted into law.
First, who is a first-time Home Buyer? A first-time Home Buyer is someone who hasn't owned a house in the prior three years. It is the same qualifying definition.
A Mortgage Credit Certificate (MCC) is a federal tax credit to assist home buyers with average and low incomes. All home owners can claim an itemized deduction. An MCC “reduces your tax liability according to a percentage of the mortgage interest that you pay.
If you are eligible for the MCC, you are able to claim 20% of the interest you pay on your mortgage as a credit in your federal income taxes. It's possible for you to save up to $2,000 on your taxes.
You will find a way to unite this with the $8,000 tax credit, should you qualify for the MCC, for 2009. This may reduce the tax liability of a buyer's .
Who Qualifies for an MCC?
Who qualifies for an MCC is based on your own income and the price of the property you are purchasing. Household income means the “gross income of the mortgagor and any person anticipated to live in the dwelling who's 18 years old or older.”
House price limitations that apply in Durham Orange and Chatham Counties and the income are given below.
MCC Income Limits 1 Man $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Individuals $70,500
MCC Sales Price Limits New Dwelling $220,000 Existing Dwelling $210,000
The buyer only needs to pay and the load would pay around .
This program has stricter income limitations than the MCC program outlined above. Like the MCC program, it can be used in combination with all the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The down payment assistance, nonetheless, can't be used in conjunction with all the MCC. This really is an either or situation.
The income and house price limits that apply in Orange, Durham and Chatham Counties are given below.
Down Payment Assistance Income Limits
1 Man $39,950 2 Persons $45,650 3 Men $51,350 4 Persons $57,050
Down Payment Assistance Sales Cost Limits New Dwelling $210,000 Existing Dwelling $210,000